The presidents of the EU's three main institutions have collected the Nobel Peace Prize in Norway's capital Oslo.

The EU was awarded the prize for its role in uniting the continent after two world wars, the BBC reported.

At the ceremony there was applause when EU bosses and leaders of France and Germany stood up, holding hands.

Critics say the award is inappropriate. They point out that the eurozone crisis has exposed deep divisions in the 27-nation bloc.

Most of Europe's national leaders were at the event, but not the UK's David Cameron.

The British prime minister's deputy, Nick Clegg - a longstanding advocate of the European project - represented the UK at the ceremony.

Nobel committee chairman Thorbjoern Jagland told the audience that in the current economic crisis "the political framework in which the union is rooted is more important than ever".

"We must stand together, we have collective responsibility," he said, warning of a risk of new nationalism in Europe.

The prize was received jointly by European Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso and European Parliament President Martin Schulz.